| Schedule of Investments (unaudited) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Collaterized Mortgage Obligations | ||||||||
| Mortgage-Backed Securities — 70.4% | ||||||||
| Bank | ||||||||
| 3.30%, 05/15/64 | $ | 500 | $ | 404,670 | ||||
| 3.92%, 04/15/65(a) | 1,500 | 1,495,664 | ||||||
| BANK 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 09/15/28) | 2,500 | 2,525,430 | ||||||
| BANK 2020-BN30, Class ABS, 1.67%, 12/15/53 | 240 | 213,428 | ||||||
| BANK 2021-BN31, Class ASB, 1.74%, 02/15/54 (Call 03/15/30) | 1,000 | 891,842 | ||||||
| BANK 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 06/15/31) | 500 | 431,974 | ||||||
| BANK 2022-BNK40, Class A4, 3.39%, 03/15/64 (Call 02/15/32)(a) | 1,000 | 964,595 | ||||||
| BANK 2022-BNK40, Class AS, 3.39%, 03/15/64 (Call 03/15/32)(a) | 1,000 | 914,822 | ||||||
| Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27) | 220 | 216,226 | ||||||
| Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 03/15/27) | 1,500 | 1,452,276 | ||||||
| Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 10/15/26) | 275 | 270,659 | ||||||
| Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 03/15/27)(a) | 485 | 456,116 | ||||||
| Series 2017-BNK5, Class A4, 3.13%, 06/15/60 (Call 05/15/27) | 1,960 | 1,890,995 | ||||||
| Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27) | 550 | 518,402 | ||||||
| Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 10/15/27) | 1,000 | 967,341 | ||||||
| Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27) | 1,000 | 963,045 | ||||||
| Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)(a) | 800 | 739,607 | ||||||
| Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 07/15/28) | 600 | 603,576 | ||||||
| Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)(a) | 500 | 497,659 | ||||||
| Series 2018-BN14, Class B, 4.58%, 09/15/60 (Call 09/15/28)(a) | 750 | 726,089 | ||||||
| Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 01/15/29) | 262 | 255,341 | ||||||
| Series 2019-BN18, Class A2, 3.47%, 05/15/62 (Call 05/15/24) | 830 | 818,392 | ||||||
| Series 2019-BN19, Class A3, 2.93%, 08/15/61 (Call 05/15/29) | 3,000 | 2,830,988 | ||||||
| Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29) | 497 | 475,500 | ||||||
| Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 07/15/29) | 427 | 396,945 | ||||||
| Series 2019-BN20, Class A3, 3.01%, 09/15/62 (Call 08/15/29) | 1,000 | 945,682 | ||||||
| Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 08/15/29)(a) | 1,000 | 905,026 | ||||||
| Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 08/15/29) | 2,000 | 1,845,813 | ||||||
| Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 09/15/29) | 500 | 467,742 | ||||||
| Series 2019-BN21, Class B, 3.21%, 10/17/52 (Call 10/15/29)(a) | 1,000 | 885,069 | ||||||
| Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 09/15/29) | 1,000 | 922,685 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2019-BN22, Class A4, 2.98%, 11/15/62 (Call 10/15/29) | $ | 820 | $ | 772,964 | ||||
| Series 2019-BN24, Class ASB, 2.93%, 11/15/62 (Call 03/15/29) | 1,000 | 952,432 | ||||||
| Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 01/15/29) | 2,100 | 2,116,675 | ||||||
| Series 2020, Class A5, 2.65%, 01/15/63 (Call 01/15/30) | 1,000 | 919,893 | ||||||
| Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 01/15/27) | 1,000 | 930,494 | ||||||
| Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)(a) | 250 | 214,452 | ||||||
| Series 2020-BN27, Class AS, 2.55%, 04/15/63 (Call 03/15/30) | 1,000 | 865,227 | ||||||
| Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 09/15/30) | 500 | 429,856 | ||||||
| Series 2020-BN29, Class C, 3.03%, 11/15/53 (Call 12/15/30)(a) | 520 | 435,874 | ||||||
| Series 2021-BN32, Class AS, 2.64%, 04/15/54 (Call 03/15/31) | 2,075 | 1,886,733 | ||||||
| Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 06/15/31) | 244 | 217,636 | ||||||
| Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 07/15/31) | 1,000 | 815,553 | ||||||
| Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 03/15/27) | 1,000 | 990,081 | ||||||
| Serise BN23, Class C, 3.51%, 12/15/52 (Call 12/15/29)(a) | 500 | 436,549 | ||||||
| Bank of America Merrill Lynch Commercial Mortgage Trust | ||||||||
| Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 04/15/26) | 800 | 777,601 | ||||||
| Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 05/15/26) | 250 | 237,441 | ||||||
| Series 2017-BNK3, Class A3, 3.31%, 02/15/50 (Call 11/15/26) | 1,351 | 1,315,356 | ||||||
| Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 01/15/27) | 1,000 | 988,262 | ||||||
| Series 2017-BNK3, Class B, 3.88%, 02/15/50 (Call 01/15/27)(a) | 830 | 785,445 | ||||||
| Barclays Commercial Mortgage Trust | ||||||||
| Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 04/15/29) | 1,746 | 1,712,309 | ||||||
| Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 07/15/29) | 2,000 | 1,880,996 | ||||||
| Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 10/15/24) | 678 | 661,962 | ||||||
| Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 10/15/29) | 1,000 | 947,475 | ||||||
| Barclays Commercial Mortgage Trust 2019-C5, 2.81%, 11/15/52 | 1,000 | 929,743 | ||||||
| BBCMS Mortgage Trust | ||||||||
| 2.95%, 02/15/55 (Call 01/15/32)(a) | 1,500 | 1,385,331 | ||||||
| BBCMS 2020-C7, Class AS, 2.44%, 04/15/53 (Call 03/15/30) | 300 | 258,637 | ||||||
| BBCMS 2021-C12, Class A4, 2.42%, 11/15/54 | 2,000 | 1,786,894 | ||||||
| BBCMS 2021-C12, Class C, 3.21%, 11/15/54(a) | 1,500 | 1,229,953 | ||||||
| BBCMS 2022-C14, Class AS, 3.35%, 02/15/55 (Call 01/15/32)(a) | 250 | 226,833 | ||||||
| Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27) | 1,000 | 987,430 | ||||||
| Series 2018-C2, Class A5, 4.31%, 12/15/51 (Call 12/15/28) | 1,250 | 1,278,772 | ||||||
| Series 2018-C2, Class C, 4.97%, 12/15/51 (Call 12/15/28)(a) | 250 | 236,586 | ||||||
| Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 01/15/30) | 1,500 | 1,377,678 | ||||||
| Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30) | 1,000 | 871,656 | ||||||
| Series 2021-C11, CLASS A5, 2.32%, 09/15/54 | 2,500 | 2,202,894 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 03/15/32)(a) | $ | 640 | $ | 627,814 | ||||
| BBCMS Trust | ||||||||
| BBCMS 2021-C10, Class C, 2.84%, 07/15/54 (Call 06/15/31) | 500 | 400,265 | ||||||
| Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 06/15/31) | 1,750 | 1,571,972 | ||||||
| Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 06/15/31) | 1,000 | 864,791 | ||||||
| Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 06/15/31) | 1,000 | 812,597 | ||||||
| Benchmark Mortgage Trust | ||||||||
| 3.46%, 03/15/55 (Call 02/15/32) | 2,000 | 1,929,573 | ||||||
| 4.59%, 05/15/55 (Call 05/15/32)(a) | 1,000 | 1,046,437 | ||||||
| BMARK 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 07/11/30) | 430 | 364,636 | ||||||
| BMARK 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/26) | 1,000 | 930,368 | ||||||
| BMARK 2021-B27, Class A5, 2.39%, 07/15/54 (Call 06/15/31) | 1,000 | 886,118 | ||||||
| BMARK 2021-B27, Class AS, 2.51%, 07/15/54 (Call 06/15/31) | 500 | 429,598 | ||||||
| BMARK 2021-B29, Class A2, 2.02%, 09/15/54 (Call 09/15/26) | 1,740 | 1,602,626 | ||||||
| BMARK 2022-B32, Class A5, 3.00%, 01/15/55(a) | 1,000 | 928,534 | ||||||
| BMARK 2022-B34, Class A5, 3.79%, 04/15/55 (Call 03/15/32)(a) | 3,500 | 3,456,753 | ||||||
| Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 12/15/27)(a) | 1,000 | 988,922 | ||||||
| Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 12/15/27)(a) | 500 | 485,066 | ||||||
| Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 11/15/27) | 1,350 | 1,329,433 | ||||||
| Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 01/15/28)(a) | 1,000 | 969,060 | ||||||
| Series 2018-B2, Class C, 4.20%, 02/15/51 (Call 02/15/28)(a) | 500 | 470,404 | ||||||
| Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 02/10/28) | 1,000 | 1,006,245 | ||||||
| Series 2018-B4, Class A2, 3.98%, 07/15/51 (Call 05/15/24) | 425 | 423,613 | ||||||
| Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 06/15/28)(a) | 1,023 | 1,035,123 | ||||||
| Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 02/15/28)(a) | 464 | 464,856 | ||||||
| Series 2018-B4, Class C, 4.55%, 07/15/51 (Call 07/15/28)(a) | 400 | 372,473 | ||||||
| Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 07/15/28) | 500 | 487,308 | ||||||
| Series 2018-B7, Class A4, 4.51%, 05/15/53 (Call 10/15/28)(a) | 1,000 | 1,032,507 | ||||||
| Series 2018-B7, Class B, 4.86%, 05/15/53 (Call 11/15/28)(a) | 400 | 396,479 | ||||||
| Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 07/15/28) | 2,000 | 2,001,981 | ||||||
| Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28) | 1,000 | 1,016,834 | ||||||
| Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)(a) | 1,563 | 1,561,747 | ||||||
| Series 2019-B10, Class AM, 3.98%, 03/15/62 | 600 | 580,164 | ||||||
| Series 2019-B11, Class A5, 3.54%, 05/15/52 (Call 05/15/29) | 1,000 | 977,695 | ||||||
| Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 05/15/29) | 500 | 473,875 | ||||||
| Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 05/15/29)(a) | 500 | 461,789 | ||||||
| Series 2019-B13, Class AM, 3.18%, 08/15/57 (Call 10/15/29) | 1,000 | 914,297 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)(a) | $ | 500 | $ | 448,408 | ||||
| Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29) | 500 | 472,859 | ||||||
| Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 01/15/29) | 1,000 | 1,005,112 | ||||||
| Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 01/15/29)(a) | 250 | 236,249 | ||||||
| Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 01/15/30) | 1,990 | 1,838,635 | ||||||
| Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 01/15/30)(a) | 1,000 | 896,522 | ||||||
| Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)(a) | 250 | 215,310 | ||||||
| Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 09/15/30) | 450 | 369,801 | ||||||
| Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30) | 500 | 420,740 | ||||||
| Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30) | 500 | 425,717 | ||||||
| Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 12/15/30) | 1,000 | 862,306 | ||||||
| Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30) | 1,750 | 1,590,071 | ||||||
| Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31) | 500 | 422,958 | ||||||
| Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 01/15/31) | 3,000 | 2,672,554 | ||||||
| Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31) | 2,000 | 1,804,942 | ||||||
| Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 03/15/31) | 650 | 587,241 | ||||||
| Series 2021-B26, Class A5, 2.61%, 06/15/54 (Call 05/15/31) | 1,500 | 1,356,749 | ||||||
| Series 2021-B26, Class AM, 2.83%, 06/15/54 (Call 05/15/31) | 500 | 440,300 | ||||||
| Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 08/15/31) | 830 | 734,270 | ||||||
| Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/25) | 1,000 | 948,696 | ||||||
| Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 02/15/30) | 1,000 | 894,460 | ||||||
| CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50 (Call 11/15/27)(a) | 1,510 | 1,482,122 | ||||||
| CD Mortgage Trust | ||||||||
| Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 01/10/27) | 230 | 223,503 | ||||||
| Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 01/10/27) | 750 | 712,664 | ||||||
| Series 2017-CD3, Class C, 4.55%, 02/10/50 (Call 01/10/27)(a) | 300 | 267,032 | ||||||
| Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 04/10/27)(a) | 1,000 | 977,020 | ||||||
| Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27) | 750 | 733,046 | ||||||
| Series 2017-CD6, Class C, 4.26%, 11/13/50 (Call 11/13/27)(a) | 500 | 468,254 | ||||||
| Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 03/15/28) | 550 | 550,784 | ||||||
| Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29) | 1,000 | 932,787 | ||||||
| CFCRE Commercial Mortgage Trust | ||||||||
| Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 12/10/25) | 500 | 496,199 | ||||||
| Series 2016-C4, Class A4, 3.28%, 05/10/58 (Call 02/10/26) | 1,650 | 1,597,950 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 07/15/26) | $ | 951 | $ | 933,620 | ||||
| Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)(a) | 750 | 724,645 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| CGCMT 2015-GC33, Class AS, 4.11%, 09/10/58 (Call 09/10/25) | 850 | 841,383 | ||||||
| CGCMT 2016-C3, Class AAB, 2.98%, 11/15/49 (Call 12/15/25) | 937 | 916,457 | ||||||
| Series 20116-P4, Class A4, 2.90%, 07/10/49 (Call 07/10/26) | 1,729 | 1,661,106 | ||||||
| Series 2013-GC15, Class A4, 4.37%, 09/10/46 (Call 09/10/23)(a) | 750 | 750,991 | ||||||
| Series 2014-GC19, Class A4, 4.02%, 03/10/47 (Call 01/10/24) | 500 | 499,499 | ||||||
| Series 2014-GC21, Class A5, 3.86%, 05/10/47 (Call 04/10/24) | 1,145 | 1,139,686 | ||||||
| Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24) | 750 | 743,927 | ||||||
| Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24) | 250 | 246,681 | ||||||
| Series 2014-GC23, Class C, 4.43%, 07/10/47 (Call 07/10/24)(a) | 250 | 241,400 | ||||||
| Series 2014-GC25, Class A4, 3.64%, 10/10/47 (Call 09/10/24) | 1,000 | 989,897 | ||||||
| Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 09/10/24) | 953 | 934,966 | ||||||
| Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)(a) | 100 | 97,879 | ||||||
| Series 2015-GC27, Class A5, 3.14%, 02/10/48 (Call 12/10/24) | 2,180 | 2,135,741 | ||||||
| Series 2015-GC29, Class C, 4.14%, 04/10/48 (Call 04/10/25)(a) | 250 | 238,777 | ||||||
| Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25) | 750 | 743,931 | ||||||
| Series 2015-GC33, Class A4, 3.78%, 09/10/58 (Call 09/10/25) | 1,500 | 1,491,523 | ||||||
| Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 04/10/25) | 347 | 343,553 | ||||||
| Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 07/15/25) | 356 | 353,620 | ||||||
| Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 05/10/26) | 874 | 852,033 | ||||||
| Series 2016-C2, Class A4, 2.83%, 08/10/49 (Call 08/10/26) | 1,000 | 955,588 | ||||||
| Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 11/10/25) | 1,000 | 981,199 | ||||||
| Series 2016-P3, Class A3, 3.06%, 04/15/49 (Call 01/15/26) | 1,500 | 1,468,666 | ||||||
| Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 02/15/26) | 75 | 73,240 | ||||||
| Series 2016-P6, Class AS, 4.03%, 12/10/49 (Call 11/10/26)(a) | 1,000 | 977,401 | ||||||
| Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 08/12/27) | 1,000 | 969,974 | ||||||
| Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 07/15/27) | 885 | 855,675 | ||||||
| Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)(a) | 750 | 722,788 | ||||||
| Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 02/10/28) | 600 | 603,288 | ||||||
| Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 05/10/28)(a) | 1,000 | 1,015,070 | ||||||
| Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28) | 1,199 | 1,228,379 | ||||||
| Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29) | 2,000 | 1,885,547 | ||||||
| Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29) | 750 | 683,635 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 10/10/24) | $ | 863 | $ | 840,446 | ||||
| Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 10/10/29) | 750 | 705,417 | ||||||
| Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30) | 2,000 | 1,834,540 | ||||||
| Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)(a) | 500 | 445,359 | ||||||
| Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)(a) | 234 | 206,167 | ||||||
| Commission Mortgage Trust | ||||||||
| COMM 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 06/10/25) | 954 | 939,541 | ||||||
| Series 2013-CR11, Class A4, 4.26%, 08/10/50 (Call 09/10/23) | 150 | 150,243 | ||||||
| Series 2013-CR11, Class AM, 4.72%, 08/10/50 (Call 09/10/23)(a) | 250 | 250,547 | ||||||
| Series 2013-CR6, Class ASB, 2.62%, 03/10/46 (Call 12/10/22) | 82 | 81,357 | ||||||
| Series 2013-LC13, Class A5, 4.21%, 08/10/46 (Call 08/10/23) | 0 | — | ||||||
| Series 2013-LC6, Class ASB, 2.48%, 01/10/46 (Call 09/10/22) | 6 | 5,740 | ||||||
| Series 2013-LC6, Class B, 3.74%, 01/10/46 (Call 01/10/23) | 430 | 427,386 | ||||||
| Series 2014-CR14, Class C, 4.60%, 02/10/47 (Call 01/10/24)(a) | 200 | 196,593 | ||||||
| Series 2014-CR16, Class A4, 4.05%, 04/10/47 (Call 03/10/24) | 500 | 499,064 | ||||||
| Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 12/10/23) | 59 | 59,015 | ||||||
| Series 2014-CR17, Class A5, 3.98%, 05/10/47 (Call 04/10/24) | 500 | 498,644 | ||||||
| Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24) | 292 | 285,592 | ||||||
| Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 06/15/24) | 300 | 295,223 | ||||||
| Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24) | 438 | 435,413 | ||||||
| Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)(a) | 850 | 838,207 | ||||||
| Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 10/10/24) | 250 | 244,462 | ||||||
| Series 2014-LC15, Class A4, 4.01%, 04/10/47 (Call 03/10/24) | 1,945 | 1,938,839 | ||||||
| Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 09/10/24) | 675 | 672,296 | ||||||
| Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 02/10/24) | 1,521 | 1,516,471 | ||||||
| Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 02/10/24) | 425 | 419,686 | ||||||
| Series 2014-UBS3, Class C, 4.74%, 06/10/47 (Call 05/10/24)(a) | 150 | 144,550 | ||||||
| Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 06/10/24) | 250 | 247,097 | ||||||
| Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/24) | 500 | 495,573 | ||||||
| Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/24) | 500 | 491,212 | ||||||
| Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/24) | 250 | 243,775 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24) | $ | 730 | $ | 724,617 | ||||
| Series 2014-UBS6, Class A4, 3.38%, 12/10/47 (Call 10/10/24) | 943 | 929,015 | ||||||
| Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 11/10/24) | 500 | 494,863 | ||||||
| Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 02/10/25) | 500 | 491,453 | ||||||
| Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)(a) | 200 | 193,807 | ||||||
| Series 2015-CR22, Class C, 4.08%, 03/10/48 (Call 03/10/25)(a) | 300 | 286,039 | ||||||
| Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 04/10/25) | 500 | 492,853 | ||||||
| Series 2015-CR24, Class B, 4.38%, 08/10/48 (Call 07/10/25)(a) | 750 | 735,273 | ||||||
| Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 08/10/25)(a) | 200 | 179,704 | ||||||
| Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25) | 750 | 744,965 | ||||||
| Series 2015-CR25, Class ASB, 3.54%, 08/10/48 (Call 04/10/25) | 626 | 619,361 | ||||||
| Series 2015-CR25, Class B, 4.53%, 08/10/48 (Call 08/10/25)(a) | 300 | 290,107 | ||||||
| Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 01/10/25) | 750 | 732,850 | ||||||
| Series 2015-DC1, Class B, 4.04%, 02/10/48 (Call 01/10/25)(a) | 1,000 | 967,257 | ||||||
| Series 2015-DC1, Class C, 4.30%, 02/10/48 (Call 01/10/25)(a) | 250 | 240,929 | ||||||
| Series 2015-LC19, Class A4, 3.18%, 02/10/48 (Call 01/10/25) | 1,000 | 977,659 | ||||||
| Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 05/10/25) | 500 | 495,221 | ||||||
| Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 10/10/25) | 1,000 | 993,915 | ||||||
| Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 05/10/25) | 1,533 | 1,526,189 | ||||||
| Series 2015-PC1, Class ASB, 3.61%, 07/10/50 (Call 11/10/24) | 107 | 106,370 | ||||||
| Series 2016-CR28, Class C, 4.62%, 02/10/49 (Call 12/10/25)(a) | 604 | 580,106 | ||||||
| Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 12/10/25) | 388 | 382,639 | ||||||
| Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26) | 750 | 724,195 | ||||||
| Series 2016-DC2, Class ASB, 3.55%, 02/10/49 (Call 08/10/25) | 714 | 708,227 | ||||||
| Series 2016-DC2, Class C, 4.67%, 02/10/49 (Call 02/10/26)(a) | 250 | 235,649 | ||||||
| Series 2017-COR2, Class C, 4.59%, 09/10/50 (Call 08/10/27)(a) | 750 | 703,285 | ||||||
| Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 04/10/28) | 750 | 757,219 | ||||||
| Series 2018-COR3, Class B, 4.51%, 05/10/51 (Call 04/10/28)(a) | 500 | 483,085 | ||||||
| Series 2018-COR3, Class C, 4.56%, 05/10/51 (Call 04/10/28)(a) | 500 | 458,792 | ||||||
| Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29) | 1,000 | 936,669 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| CSAIL Commercial Mortgage Trust | ||||||||
| Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 01/15/25) | $ | 500 | $ | 491,705 | ||||
| Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 01/15/25)(a) | 435 | 421,508 | ||||||
| Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 04/15/25) | 500 | 492,360 | ||||||
| Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 07/15/25) | 650 | 642,340 | ||||||
| Series 2015-C4, Class A3, 3.54%, 11/15/48 | 1,489 | 1,467,179 | ||||||
| Series 2015-C4, Class A4, 3.81%, 11/15/48 | 1,464 | 1,452,234 | ||||||
| Series 2015-C4, Class D, 3.56%, 11/15/48(a) | 250 | 221,780 | ||||||
| Series 2016-C5, Class C, 4.64%, 11/15/48 (Call 11/15/25)(a) | 750 | 718,436 | ||||||
| Series 2016-C6, Class C, 4.92%, 01/15/49 (Call 04/15/26)(a) | 350 | 327,672 | ||||||
| Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 07/15/26) | 193 | 188,359 | ||||||
| Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 10/15/26)(a) | 1,000 | 966,287 | ||||||
| Series 2017-CX9, Class A5, 3.45%, 09/15/50 (Call 06/15/27) | 1,000 | 968,940 | ||||||
| Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 02/15/28)(a) | 1,000 | 1,004,040 | ||||||
| Series 2019-C15, Class A2, 3.45%, 03/15/52 (Call 04/15/24) | 1,060 | 1,048,078 | ||||||
| Series 2019-C15, Class A3, 3.78%, 03/15/52 (Call 09/15/28) | 1,400 | 1,382,255 | ||||||
| Series 2019-C15, Class B, 4.48%, 03/15/52 (Call 01/15/29) | 1,000 | 950,812 | ||||||
| Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29) | 2,000 | 1,873,578 | ||||||
| Series 2019-C18, Class ASB, 2.87%, 12/15/52 (Call 07/15/29) | 500 | 474,508 | ||||||
| Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30) | 500 | 450,023 | ||||||
| DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51 | 1,400 | 1,435,994 | ||||||
| DBJPM Mortgage Trust | ||||||||
| Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 02/10/26) | 1,000 | 975,301 | ||||||
| Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 12/10/25) | 413 | 403,970 | ||||||
| Series 2016-C1, Class B, 4.20%, 05/10/49 (Call 03/10/26)(a) | 1,160 | 1,091,611 | ||||||
| Series 2016-C1, Class C, 3.32%, 05/10/49 (Call 03/10/26)(a) | 468 | 417,073 | ||||||
| Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/24) | 561 | 553,178 | ||||||
| Federal National Mortgage Association | ||||||||
| 1.76%, 11/25/31 | 993 | 919,499 | ||||||
| 2.35%, 02/25/31 | 1,000 | 948,600 | ||||||
| FNA 2017-M15, Class ATS2, 3.15%, 11/25/27(a) | 481 | 476,904 | ||||||
| FNA 2018-M14, Class A2, 3.58%, 08/25/28(a) | 420 | 432,170 | ||||||
| FNA 2019-M12, Class A2, 2.89%, 06/25/29(a) | 1,175 | 1,159,292 | ||||||
| FNA 2019-M25, Class A2, 2.33%, 11/25/29(a) | 1,690 | 1,606,829 | ||||||
| FNA 2021-M19, Class A2, 1.74%, 10/25/31(a) | 2,000 | 1,767,974 | ||||||
| FNA 2022-M3, Class A2, 1.71%, 11/25/31(a) | 2,000 | 1,754,934 | ||||||
| FNA 2022-M4, Class A2, 2.29%, 05/25/30(a) | 1,800 | 1,698,159 | ||||||
| Series 2016-M1, Class A2, 2.94%, 01/25/26(a) | 857 | 843,546 | ||||||
| Series 2016-M10, Class AV2, 3.00%, 11/25/45 | 500 | 453,187 | ||||||
| Series 2016-M12, Class AV2, 2.31%, 10/25/23 | 372 | 368,625 | ||||||
| Series 2016-M5, Class A2, 2.47%, 04/25/26 | 1,000 | 972,672 | ||||||
| Series 2017-M1, Class A2, 2.41%, 10/25/26(a) | 818 | 791,936 | ||||||
| Series 2017-M14, Class A2, 2.87%, 11/25/27(a) | 1,814 | 1,795,989 | ||||||
| Series 2020-M1, Class A1, 2.15%, 10/25/29 | 1,588 | 1,532,991 | ||||||
| Series 2020-M1, Class A2, 2.44%, 10/25/29 | 4,530 | 4,338,487 | ||||||
| Series 2020-M14, Class A2, 1.78%, 05/25/30 | 1,000 | 908,869 | ||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2020-M20, Class A2, 1.44%, 10/25/29 | $ | 250 | $ | 223,267 | ||||
| Series 2020-M5, Class A3, 2.19%, 01/25/30 | 1,000 | 937,382 | ||||||
| Series 2020-M8, Class A2, 1.82%, 02/25/30 | 100 | 91,353 | ||||||
| Series 2021-M4, Class A2, 1.47%, 02/25/31(a) | 2,500 | 2,190,421 | ||||||
| Series2019-M6, Class A2, 3.45%, 01/01/29 | 733 | 745,319 | ||||||
| Serise 2015-M15, Class A2, 2.92%, 10/25/25(a) | 656 | 648,060 | ||||||
| Federal National Mortgage Association Multifamily REMIC Trust, 1.94%, 12/25/31(a) | 1,000 | 895,467 | ||||||
| Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
| 1.31%, 05/25/30 (Call 05/25/30) | 1,000 | 875,268 | ||||||
| 2.45%, 04/25/32 (Call 04/25/32) | 1,000 | 934,531 | ||||||
| 2.92%, 06/25/32 | 4,500 | 4,369,773 | ||||||
| 3.00%, 06/25/32 | 2,500 | 2,443,357 | ||||||
| Class A1, 2.55%, 05/25/31 (Call 05/25/31) | 2,249 | 2,175,810 | ||||||
| Class A2, 2.25%, 02/25/32 (Call 02/25/32) | 2,500 | 2,302,656 | ||||||
| FHMS K097, Class A1, 2.16%, 05/25/29 (Call 05/25/29) | 971 | 931,708 | ||||||
| FHMS K097, Class A2, 2.51%, 07/25/29 (Call 07/25/29) | 2,250 | 2,167,025 | ||||||
| FHMS K133, Class A2, 2.10%, 09/25/31 (Call 09/25/31) | 1,000 | 912,769 | ||||||
| FHMS K135, Class A1, 1.61%, 10/25/30 (Call 10/25/30) | 1,217 | 1,116,259 | ||||||
| FHMS K136, Class A2, 2.13%, 11/25/31 (Call 11/25/31) | 2,000 | 1,827,249 | ||||||
| FHMS K139, Class A2, 2.59%, 01/25/32 (Call 01/25/32)(a) | 2,000 | 1,898,095 | ||||||
| FHMS K142, Class A2, 2.40%, 03/25/32 (Call 03/25/32) | 3,000 | 2,795,893 | ||||||
| Series K039, Class A2, 3.30%, 07/25/24 (Call 07/25/24) | 263 | 261,486 | ||||||
| Series K056, Class A1, 2.20%, 07/25/25 (Call 05/25/25) | 322 | 313,913 | ||||||
| Series K057, Class A2, 2.57%, 07/25/26 (Call 07/25/26) | 1,725 | 1,683,808 | ||||||
| Series K070, Class A1, 3.03%, 04/25/27 (Call 04/25/27) | 1,580 | 1,563,714 | ||||||
| Series K089, Class A1, 3.34%, 10/25/28 (Call 10/25/28) | 2,297 | 2,310,966 | ||||||
| Series K095, Class A2, 2.79%, 06/25/29 (Call 06/25/29) | 2,175 | 2,132,538 | ||||||
| Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29) | 500 | 478,934 | ||||||
| Series K099, Class A2, 2.60%, 09/25/29 (Call 09/25/29) | 2,461 | 2,381,808 | ||||||
| Series K104, Class A2, 2.25%, 01/25/30 (Call 01/25/30) | 2,005 | 1,891,199 | ||||||
| Series K106, Class A1, 1.78%, 10/25/29 (Call 10/25/29) | 2,439 | 2,283,633 | ||||||
| Series K107, Class A2, 1.64%, 01/25/30 (Call 01/25/30) | 3,250 | 2,936,620 | ||||||
| Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30) | 2,000 | 1,788,582 | ||||||
| Series K110, Class A1, 1.02%, 09/25/29 (Call 09/25/29) | 980 | 878,154 | ||||||
| Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30) | 760 | 666,608 | ||||||
| Series K118, Class A1, 0.79%, 03/25/30 (Call 03/25/30) | 1,921 | 1,697,162 | ||||||
| Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30) | 2,500 | 2,206,990 | ||||||
| Series K119, Class A2, 1.57%, 09/25/30 (Call 09/25/30) | 3,000 | 2,661,824 | ||||||
| Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30) | 3,200 | 2,819,807 | ||||||
| Series K121, Class A2, 1.55%, 10/25/30 (Call 10/25/30) | 1,500 | 1,326,375 | ||||||
| Series K123, Class A2, 1.62%, 12/25/30 (Call 12/25/30) | 600 | 532,871 | ||||||
| Series K124, Class A2, 1.66%, 12/25/30 (Call 12/25/30) | 2,300 | 2,046,373 | ||||||
| Series K127, Class A2, 2.11%, 01/25/31 (Call 01/25/31) | 3,000 | 2,763,079 | ||||||
| Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31) | 1,000 | 914,196 | ||||||
| Series K132, Class A2, 2.02%, 08/25/31 (Call 08/25/31) | 1,000 | 907,630 | ||||||
| Series K-1511, Class A2, 3.47%, 03/25/31 (Call 03/25/31) | 1,000 | 1,014,891 | ||||||
| Series K-1516, Class A2, 1.72%, 05/25/35 (Call 05/25/35) | 1,825 | 1,471,786 | ||||||
| Series K-1517, Class A2, 1.72%, 07/25/35 (Call 07/25/35) | 500 | 404,554 | ||||||
| Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35) | 2,500 | 2,041,128 | ||||||
| Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/30) | 1,155 | 1,139,762 | ||||||
| Series K-1520, Class A2, 2.44%, 02/25/36 (Call 02/25/36) | 2,000 | 1,738,765 | ||||||
| Series K-1521, Class A2, 2.18%, 08/25/36 (Call 08/25/36) | 1,000 | 837,871 | ||||||
| Series K155, Class A1, 3.75%, 11/25/29 (Call 11/25/29) | 475 | 486,675 | ||||||
| Series K156, Class A3, 3.70%, 06/25/33 (Call 06/25/33)(a) | 500 | 509,728 | ||||||
| Series K727, Class A2, 2.95%, 07/25/24 (Call 07/25/24) | 929 | 918,039 | ||||||
| Series K737, Class AM, 2.10%, 10/25/26 (Call 10/25/26) | 300 | 286,486 | ||||||
| Series K740, Class A2, 1.47%, 09/25/27 (Call 09/25/27) | 2,000 | 1,849,499 | ||||||
| Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27) | 1,120 | 1,039,017 | ||||||
| Series K742, Class A2, 1.76%, 03/25/28 (Call 03/25/28) | 2,450 | 2,287,431 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28) | $ | 1,400 | $ | 1,267,778 | ||||
| Series K745, Class A2, 1.66%, 08/25/28 (Call 08/25/28) | 3,000 | 2,760,889 | ||||||
| GS Mortgage Securities Trust | ||||||||
| GSMS 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27) | 1,000 | 945,752 | ||||||
| Series 2012-GCJ9, Class AS, 3.12%, 11/10/45 (Call 11/10/22) | 200 | 199,591 | ||||||
| Series 2013-GC16, Class A4, 4.27%, 11/10/46 (Call 10/10/23) | 1,500 | 1,499,266 | ||||||
| Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23) | 150 | 150,436 | ||||||
| Series 2013-GC16, Class C, 5.31%, 11/10/46 (Call 11/10/23)(a) | 100 | 97,578 | ||||||
| Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24) | 650 | 639,795 | ||||||
| Series 2014-GC20, Class A5, 4.00%, 04/10/47 (Call 03/10/24) | 400 | 398,740 | ||||||
| Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)(a) | 250 | 241,109 | ||||||
| Series 2014-GC22, Class A5, 3.86%, 06/10/47 (Call 05/10/24) | 1,640 | 1,631,928 | ||||||
| Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 05/10/24) | 250 | 246,077 | ||||||
| Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 06/10/24) | 247 | 245,780 | ||||||
| Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 11/10/24) | 1,485 | 1,469,537 | ||||||
| Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 10/10/24) | 241 | 237,983 | ||||||
| Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)(a) | 500 | 485,476 | ||||||
| Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 06/10/25) | 545 | 535,452 | ||||||
| Series 2015-GC32, Class C, 4.42%, 07/10/48 (Call 07/10/25)(a) | 804 | 763,658 | ||||||
| Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 09/10/25) | 1,500 | 1,476,252 | ||||||
| Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25) | 1,500 | 1,484,378 | ||||||
| Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 02/10/26) | 1,170 | 1,132,468 | ||||||
| Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 08/10/26) | 1,291 | 1,227,909 | ||||||
| Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 09/10/26) | 780 | 746,671 | ||||||
| Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)(a) | 39 | 38,208 | ||||||
| Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 05/10/27) | 1,000 | 967,025 | ||||||
| Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 07/10/27) | 500 | 475,902 | ||||||
| Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 02/10/28)(a) | 1,000 | 1,002,161 | ||||||
| Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 01/10/29) | 750 | 749,645 | ||||||
| Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 06/10/29) | 1,131 | 1,077,782 | ||||||
| Series 2019-GSA1, Class C, 3.80%, 11/10/52 (Call 10/10/29)(a) | 500 | 444,522 | ||||||
| Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 11/13/29) | 775 | 711,956 | ||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
| Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 11/15/25) | $ | 1,000 | $ | 987,728 | ||||
| Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)(a) | 750 | 730,727 | ||||||
| Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26) | 1,000 | 938,159 | ||||||
| Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)(a) | 108 | 100,614 | ||||||
| JPMBB Commercial Mortgage Securities Trust | ||||||||
| Series 2013-C14, Class AS, 4.41%, 08/15/46 (Call 07/15/23)(a) | 150 | 148,550 | ||||||
| Series 2013-C14, Class B, 4.55%, 08/15/46 (Call 07/15/23)(a) | 500 | 492,454 | ||||||
| Series 2013-C15, Class B, 4.93%, 11/15/45 (Call 10/15/23)(a) | 200 | 199,678 | ||||||
| Series 2013-C15, Class C, 5.19%, 11/15/45 (Call 10/15/23)(a) | 110 | 109,578 | ||||||
| Series 2013-C17, Class A4, 4.20%, 01/15/47 (Call 12/15/23) | 490 | 489,825 | ||||||
| Series 2013-C17, Class C, 4.89%, 01/15/47 (Call 12/15/23)(a) | 100 | 98,633 | ||||||
| Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 02/15/24) | 1,400 | 1,397,206 | ||||||
| Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 02/15/24)(a) | 1,200 | 1,174,534 | ||||||
| Series 2014-C18, Class B, 4.79%, 02/15/47 (Call 02/15/24)(a) | 225 | 219,524 | ||||||
| Series 2014-C19, Class C, 4.65%, 04/15/47 (Call 04/15/24)(a) | 200 | 197,105 | ||||||
| Series 2014-C21, Class A4, 3.49%, 08/15/47 (Call 05/15/24) | 533 | 527,087 | ||||||
| Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 06/15/24) | 500 | 496,493 | ||||||
| Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 02/15/24) | 142 | 140,310 | ||||||
| Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 07/15/24) | 1,006 | 999,122 | ||||||
| Series 2014-C22, Class C, 4.55%, 09/15/47 (Call 08/15/24)(a) | 200 | 182,561 | ||||||
| Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 09/15/24) | 1,144 | 1,140,801 | ||||||
| Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 07/15/24) | 155 | 154,193 | ||||||
| Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 10/15/24) | 232 | 228,312 | ||||||
| Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)(a) | 185 | 177,249 | ||||||
| Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 01/15/25) | 500 | 481,355 | ||||||
| Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 01/15/25) | 953 | 929,721 | ||||||
| Series 2015-C28, Class ASB, 3.04%, 10/15/48 (Call 11/15/24) | 239 | 235,604 | ||||||
| Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 01/15/25) | 274 | 271,156 | ||||||
| Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 05/15/25)(a) | 250 | 236,925 | ||||||
| Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)(a) | 635 | 626,493 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25) | $ | 1,003 | $ | 994,224 | ||||
| Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25) | 1,000 | 992,288 | ||||||
| Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 01/15/26) | 822 | 811,978 | ||||||
| Series 2016-C1, Class B, 4.73%, 03/17/49 (Call 02/15/26)(a) | 450 | 437,789 | ||||||
| Series 2016-C1, Class C, 4.73%, 03/17/49 (Call 02/15/26)(a) | 400 | 384,038 | ||||||
| JPMCC Commercial Mortgage Securities Trust | ||||||||
| JPMCC 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 11/15/26) | 118 | 116,803 | ||||||
| Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 01/15/27)(a) | 650 | 631,429 | ||||||
| Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 04/15/27) | 300 | 294,723 | ||||||
| Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 05/15/27) | 400 | 384,168 | ||||||
| Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 07/15/27) | 1,000 | 981,182 | ||||||
| Series 2019-COR4, Class ASB, 3.94%, 03/10/52 (Call 03/10/28) | 1,000 | 993,450 | ||||||
| Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 05/13/24) | 360 | 353,776 | ||||||
| Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 04/13/29) | 1,200 | 1,152,046 | ||||||
| JPMDB Commercial Mortgage Securities Trust | ||||||||
| JPMDB 2018-C8, Class A3, 3.94%, 06/15/51 (Call 04/15/28) | 561 | 557,776 | ||||||
| Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 04/15/26) | 1,000 | 970,516 | ||||||
| Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)(a) | 750 | 691,248 | ||||||
| Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 01/15/27) | 2,100 | 2,080,469 | ||||||
| Series 2017-C7, Class A3, 3.05%, 10/15/50 (Call 07/15/24) | 1,200 | 1,171,829 | ||||||
| Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 08/15/27) | 1,050 | 1,027,061 | ||||||
| Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 10/13/29) | 955 | 893,519 | ||||||
| Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 03/13/30) | 539 | 472,171 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust | ||||||||
| Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 06/15/23)(a) | 205 | 204,606 | ||||||
| Series 2013-C13, Class ASB, 3.41%, 01/15/46 (Call 03/15/23) | 9 | 9,389 | ||||||
| Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 05/15/24) | 500 | 496,955 | ||||||
| Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)(a) | 100 | 97,518 | ||||||
| Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25) | 1,462 | 1,455,129 | ||||||
| Series 2016-JP2, Class A4, 2.82%, 08/15/49 (Call 07/15/26) | 1,023 | 979,420 | ||||||
| Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26) | 700 | 658,359 | ||||||
| Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 11/15/26)(a) | 1,090 | 1,075,223 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
| Series 2013-C10, Class ASB, 3.91%, 07/15/46 (Call 01/15/23)(a) | 29 | 28,571 | ||||||
6
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 05/15/23) | $ | 479 | $ | 474,536 | ||||
| Series 2013-C11, Class A4, 4.15%, 08/15/46 (Call 07/15/23)(a) | 800 | 795,609 | ||||||
| Series 2013-C13, Class A4, 4.04%, 11/15/46 (Call 11/15/23) | 1,100 | 1,097,538 | ||||||
| Series 2013-C13, Class C, 4.90%, 11/15/46 (Call 11/15/23)(a) | 230 | 221,782 | ||||||
| Series 2013-C7, Class AAB, 2.47%, 02/15/46 (Call 11/15/22) | 9 | 8,527 | ||||||
| Series 2013-C7, Class B, 3.77%, 02/15/46 (Call 01/15/23) | 200 | 195,382 | ||||||
| Series 2013-C8, Class B, 3.51%, 12/15/48 (Call 02/15/23)(a) | 200 | 197,696 | ||||||
| Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 12/15/23) | 976 | 974,523 | ||||||
| Series 2014-C14, Class AS, 4.38%, 02/15/47 (Call 01/15/24)(a) | 200 | 199,159 | ||||||
| Series 2014-C14, Class B, 4.85%, 02/15/47 (Call 01/15/24)(a) | 200 | 198,753 | ||||||
| Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 12/15/23) | 72 | 71,489 | ||||||
| Series 2014-C16, Class A5, 3.89%, 06/15/47 (Call 05/15/24) | 500 | 497,579 | ||||||
| Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/15/24) | 2,220 | 2,203,724 | ||||||
| Series 2014-C18, Class A3, 3.65%, 10/15/47 | 329 | 323,510 | ||||||
| Series 2014-C18, Class A4, 3.92%, 10/15/47 | 1,150 | 1,145,014 | ||||||
| Series 2014-C19, Class A4, 3.53%, 12/15/47 (Call 11/15/24) | 1,275 | 1,258,907 | ||||||
| Series 2015-C20, Class A4, 3.25%, 02/15/48 (Call 12/15/24) | 2,000 | 1,963,678 | ||||||
| Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 01/15/25) | 500 | 484,770 | ||||||
| Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 02/15/25) | 901 | 883,207 | ||||||
| Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25) | 1,000 | 979,764 | ||||||
| Series 2015-C22, Class C, 4.21%, 04/15/48 (Call 04/15/25)(a) | 250 | 229,587 | ||||||
| Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 05/15/25) | 730 | 717,617 | ||||||
| Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 05/15/25) | 343 | 337,598 | ||||||
| Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 07/15/25) | 950 | 944,534 | ||||||
| Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 06/15/25) | 344 | 339,682 | ||||||
| Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 10/15/25) | 1,373 | 1,362,804 | ||||||
| Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 01/15/26) | 1,000 | 983,696 | ||||||
| Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 08/15/26) | 500 | 479,463 | ||||||
| Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 10/15/26) | 1,250 | 1,204,729 | ||||||
| Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 12/15/26) | 1,000 | 989,204 | ||||||
| Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 07/15/26) | 274 | 269,555 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 04/15/27) | $ | 1,100 | $ | 1,086,147 | ||||
| Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 09/15/27) | 1,000 | 984,639 | ||||||
| Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27) | 500 | 484,255 | ||||||
| Morgan Stanley Capital I, Series 2017-HR2, Class A4, 3.59%, 12/15/50 (Call 12/15/27) | 2,010 | 1,979,845 | ||||||
| Morgan Stanley Capital I Trust | ||||||||
| MSC 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 11/15/26) | 983 | 954,000 | ||||||
| MSC 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 11/15/26) | 1,500 | 1,476,330 | ||||||
| MSC 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 12/15/30) | 145 | 131,946 | ||||||
| Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 05/15/25)(a) | 500 | 495,629 | ||||||
| Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25) | 250 | 242,959 | ||||||
| Series 2016-BNK2, Class A4, 3.05%, 11/15/49 (Call 10/15/26) | 1,250 | 1,209,135 | ||||||
| Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26) | 1,000 | 954,572 | ||||||
| Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 05/15/27) | 1,000 | 984,100 | ||||||
| Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 05/15/28) | 500 | 496,767 | ||||||
| Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29) | 1,000 | 953,868 | ||||||
| Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 07/15/30) | 1,120 | 976,864 | ||||||
| Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30) | 1,500 | 1,373,976 | ||||||
| Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/26)(a) | 1,500 | 1,392,735 | ||||||
| Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 09/15/31) | 3,000 | 2,672,181 | ||||||
| SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 06/10/26) | 1,000 | 960,319 | ||||||
| UBS Commercial Mortgage Trust | ||||||||
| Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 07/15/27) | 1,000 | 980,039 | ||||||
| Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 11/15/27)(a) | 500 | 482,682 | ||||||
| Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 12/15/27) | 1,000 | 985,691 | ||||||
| Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28) | 1,325 | 1,327,358 | ||||||
| Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 12/15/28)(a) | 750 | 734,203 | ||||||
| Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 03/15/29) | 1,592 | 1,524,907 | ||||||
| Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 09/15/29) | 1,000 | 925,295 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| 4.15%, 08/15/51 (Call 08/15/28) | 1,623 | 1,639,239 | ||||||
| Series 2013-LC12, Class AS, 4.30%, 07/15/46 (Call 07/15/23)(a) | 473 | 466,696 | ||||||
| Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 01/15/25) | 820 | 793,720 | ||||||
| Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 02/15/25) | 1,000 | 984,013 | ||||||
| Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)(a) | 330 | 312,137 | ||||||
| Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 04/15/25) | 500 | 494,411 | ||||||
| Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 04/15/25)(a) | 250 | 243,713 | ||||||
7
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 07/15/25) | $ | 817 | $ | 810,777 | ||||
| Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 03/15/25) | 295 | 292,280 | ||||||
| Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 10/15/25) | 500 | 495,488 | ||||||
| Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 10/15/25)(a) | 1,000 | 966,940 | ||||||
| Series 2015-C31, Class C, 4.60%, 11/15/48 (Call 11/15/25)(a) | 450 | 422,066 | ||||||
| Series 2015-LC20, Class A3, 3.09%, 04/15/50 (Call 08/15/22) | 600 | 589,523 | ||||||
| Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 03/15/25) | 750 | 714,890 | ||||||
| Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25) | 1,000 | 995,908 | ||||||
| Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 06/15/25)(a) | 750 | 743,516 | ||||||
| Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 06/15/25) | 775 | 765,223 | ||||||
| Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 04/15/26) | 1,000 | 968,553 | ||||||
| Series 2016-C35, Class A4, 2.93%, 07/15/48 (Call 06/15/26) | 1,000 | 961,130 | ||||||
| Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26) | 500 | 472,222 | ||||||
| Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 08/15/26) | 1,680 | 1,619,514 | ||||||
| Series 2016-LC25, Class B, 4.34%, 12/15/59 (Call 11/15/26)(a) | 198 | 193,795 | ||||||
| Series 2016-NXS4, Class A4, 3.72%, 12/15/48 | 1,000 | 993,116 | ||||||
| Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 09/15/26) | 500 | 465,794 | ||||||
| Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 05/15/27) | 487 | 471,774 | ||||||
| Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27) | 2,000 | 1,959,724 | ||||||
| Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 07/15/27) | 2,500 | 2,446,815 | ||||||
| Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 12/15/26) | 1,000 | 977,429 | ||||||
| Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27) | 500 | 460,782 | ||||||
| Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27) | 1,250 | 1,228,569 | ||||||
| Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)(a) | 500 | 483,545 | ||||||
| Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 04/15/28) | 1,000 | 1,014,925 | ||||||
| Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 06/15/28)(a) | 350 | 345,916 | ||||||
| Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28) | 500 | 487,853 | ||||||
| Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 09/15/28) | 1,250 | 1,282,055 | ||||||
| Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 11/15/28) | 1,010 | 1,028,760 | ||||||
| Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29) | 1,625 | 1,629,526 | ||||||
| Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)(a) | 665 | 631,147 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 04/15/29) | $ | 750 | $ | 738,904 | ||||
| Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 04/15/29) | 1,000 | 959,745 | ||||||
| Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29) | 492 | 462,545 | ||||||
| Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29) | 1,400 | 1,317,055 | ||||||
| Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 01/15/30) | 1,000 | 916,134 | ||||||
| Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 11/15/29) | 500 | 463,729 | ||||||
| Series 2020-C56, Class B, 3.75%, 06/15/53 (Call 03/15/30)(a) | 345 | 314,366 | ||||||
| Series 2020-C56, Class C, 3.75%, 06/15/53 (Call 04/15/30)(a) | 800 | 699,341 | ||||||
| Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30) | 1,919 | 1,681,121 | ||||||
| Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 11/15/30) | 1,000 | 866,863 | ||||||
| Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31) | 1,000 | 899,969 | ||||||
| Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 01/15/30) | 354 | 325,734 | ||||||
| WFCM 2016-C33, Class A4, 3.43%, 03/15/59 (Call 02/15/26) | 1,000 | 983,196 | ||||||
| WFCM 2018-C44, Class A4, 3.95%, 05/15/51 (Call 04/15/28) | 1,250 | 1,248,905 | ||||||
| WFCM 2018-C47, Class ASB, 4.37%, 09/15/61 (Call 05/15/28) | 1,625 | 1,636,455 | ||||||
| WFRBS Commercial Mortgage Trust | ||||||||
| Series 2012-C10, Class AS, 3.24%, 12/15/45 (Call 12/15/22) | 250 | 246,625 | ||||||
| Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)(a) | 110 | 107,563 | ||||||
| Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 05/15/23)(a) | 500 | 488,309 | ||||||
| Series 2013-C17, Class A3, 3.75%, 12/15/46 (Call 10/15/23) | 754 | 748,579 | ||||||
| Series 2013-C18, Class A4, 3.90%, 12/15/46 (Call 12/15/23) | 511 | 505,804 | ||||||
| Series 2013-UBS1, Class A4, 4.08%, 03/15/46 (Call 11/15/23)(a) | 712 | 711,460 | ||||||
| Series 2014-C19, Class A4, 3.83%, 03/15/47 (Call 02/15/24) | 300 | 298,635 | ||||||
| Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)(a) | 300 | 293,972 | ||||||
| Series 2014-C22, Class A4, 3.49%, 09/15/57 | 997 | 983,625 | ||||||
| Series 2014-C22, Class A5, 3.75%, 09/15/57 | 400 | 396,674 | ||||||
| Series 2014-C22, Class AS, 4.07%, 09/15/57(a) | 480 | 472,988 | ||||||
| Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 10/15/24) | 100 | 98,838 | ||||||
| Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 11/15/24) | 1,050 | 1,038,893 | ||||||
| Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 01/15/24) | 950 | 948,369 | ||||||
| 476,765,459 | ||||||||
| Total Collaterized Mortgage Obligations — 70.4% | ||||||||
| (Cost: $517,747,244) | 476,765,459 | |||||||
8
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| U.S. Government Agency Obligations | ||||||||
| Mortgage-Backed Securities — 29.1% | ||||||||
| Federal National Mortgage Association | ||||||||
| Series 2013-M6, Class 1A2, 3.35%, 02/25/43(a) | $ | 298 | $ | 299,714 | ||||
| Series 2014-M11, Class 1A, 3.12%, 08/25/24(a) | 613 | 607,744 | ||||||
| Series 2014-M11, Class 2A, 3.29%, 08/25/26(a) | 562 | 565,061 | ||||||
| Series 2014-M13, Class A2, 3.02%, 08/25/24(a) | 123 | 121,684 | ||||||
| Series 2014-M3, Class A2, 3.50%, 01/25/24(a) | 291 | 289,793 | ||||||
| Series 2014-M4, Class A2, 3.35%, 03/25/24(a) | 382 | 379,608 | ||||||
| Series 2015-M1, Class A2, 2.53%, 09/25/24 | 562 | 549,552 | ||||||
| Series 2015-M10, Class A2, 3.09%, 04/25/27(a) | 2,410 | 2,403,990 | ||||||
| Series 2015-M11, Class A2, 2.85%, 04/25/25(a) | 739 | 729,217 | ||||||
| Series 2015-M13, Class A2, 2.70%, 06/25/25(a) | 776 | 762,148 | ||||||
| Series 2015-M2, Class A, 2.62%, 12/25/24 | 326 | 319,348 | ||||||
| Series 2015-M8, Class A2, 2.90%, 01/25/25(a) | 1,157 | 1,141,139 | ||||||
| Series 2016-M6, Class A2, 2.49%, 05/25/26 | 302 | 294,312 | ||||||
| Series 2016-M9, Class A2, 2.29%, 06/25/26 | 2,000 | 1,926,464 | ||||||
| Series 2017, Class A2, 2.96%, 09/25/27(a) | 953 | 948,135 | ||||||
| Series 2017-M11, Class A2, 2.98%, 08/25/29 | 1,000 | 992,035 | ||||||
| Series 2017-M15, Class AV2, 2.57%, 11/25/24(a) | 630 | 616,816 | ||||||
| Series 2017-M2, Class A2, 2.76%, 02/25/27(a) | 2,258 | 2,225,075 | ||||||
| Series 2017-M3, Class A2, 2.47%, 12/25/26(a) | 678 | 659,121 | ||||||
| Series 2017-M4, Class A2, 2.57%, 12/25/26(a) | 728 | 710,551 | ||||||
| Series 2017-M7, Class A2, 2.96%, 02/25/27(a) | 998 | 983,491 | ||||||
| Series 2017-M8, Class A2, 3.06%, 05/25/27(a) | 2,255 | 2,247,966 | ||||||
| Series 2018-M1, Class A2, 2.99%, 12/25/27(a) | 798 | 790,448 | ||||||
| Series 2018-M10, Class A2, 3.36%, 07/25/28(a) | 2,382 | 2,420,527 | ||||||
| Series 2018-M13, Class A2, 3.75%, 09/25/30(a) | 87 | 90,359 | ||||||
| Series 2018-M7, Class A2, 3.05%, 03/25/28(a) | 780 | 779,494 | ||||||
| Series 2019-M1, Class A2, 3.55%, 09/25/28(a) | 2,943 | 3,018,560 | ||||||
| Series 2019-M2, Class A2, 3.63%, 11/25/28(a) | 1,855 | 1,911,243 | ||||||
| Series 2019-M5, Class A2, 3.27%, 02/25/29 | 2,450 | 2,471,730 | ||||||
| Series 2019-M7, Class A2, 3.14%, 04/25/29 | 2,690 | 2,694,537 | ||||||
| Series 2019-M9, Class A2, 2.94%, 06/25/29 | 1,832 | 1,815,340 | ||||||
| Series 2020-M5, Class A2, 2.21%, 01/25/30 | 2,555 | 2,412,948 | ||||||
| Series 2021-M17, Class A2, 1.71%, 07/25/31(a) | 2,000 | 1,752,100 | ||||||
| Series 2022-M1, Class A2, 1.67%, 10/25/31(a) | 3,000 | 2,629,251 | ||||||
| Freddie Mac Multifamily Structured Pass Through Certificates 2.12%, 04/25/55 (Call 03/25/29)(a) | 3,000 | 2,839,800 | ||||||
| FHMS K135, CLASS A2, 2.15%, 10/25/31 (Call 10/25/31)(a) | 2,800 | 2,567,816 | ||||||
| Series K036, Class A2, 3.53%, 10/25/23 (Call 10/25/23)(a) | 3,150 | 3,135,531 | ||||||
| Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24) | 750 | 746,031 | ||||||
| Series K038, Class A2, 3.39%, 03/25/24 (Call 03/25/24) | 500 | 496,739 | ||||||
| Series K040, Class A2, 3.24%, 09/25/24 (Call 09/25/24) | 1,120 | 1,112,599 | ||||||
| Series K041, Class A2, 3.17%, 10/25/24 (Call 10/25/24) | 1,250 | 1,240,323 | ||||||
| Series K043, Class A2, 3.06%, 12/25/24 (Call 12/25/24) | 1,000 | 990,204 | ||||||
| Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25) | 2,358 | 2,320,799 | ||||||
| Series K046, Class A2, 3.21%, 03/25/25 (Call 03/25/25) | 1,785 | 1,775,203 | ||||||
| Series K048, Class A1, 2.69%, 12/25/24 (Call 10/25/24) | 194 | 191,483 | ||||||
| Series K049, Class A2, 3.01%, 07/25/25 (Call 07/25/25) | 1,800 | 1,781,704 | ||||||
| Series K050, Class A2, 3.33%, 08/25/25 (Call 08/25/25)(a) | 2,000 | 1,999,533 | ||||||
| Series K051, Class A2, 3.31%, 09/25/25 (Call 09/25/25) | 2,630 | 2,628,756 | ||||||
| Series K052, Class A2, 3.15%, 11/25/25 (Call 11/25/25) | 800 | 795,997 | ||||||
| Series K053, Class A2, 3.00%, 12/25/25 (Call 12/25/25) | 2,200 | 2,178,328 | ||||||
| Series K054, Class A2, 2.75%, 01/25/26 (Call 01/25/26) | 700 | 687,555 | ||||||
| Series K055, Class A2, 2.67%, 03/25/26 (Call 03/25/26) | 1,500 | 1,469,753 | ||||||
| Series K056, Class A2, 2.53%, 05/25/26 (Call 05/25/26) | 1,725 | 1,681,042 | ||||||
| Series K057, Class A1, 2.21%, 06/25/25 (Call 04/25/25) | 473 | 462,926 | ||||||
| Series K058, Class A1, 2.34%, 07/25/26 (Call 06/25/26) | 1,025 | 998,916 | ||||||
| Series K058, Class A2, 2.65%, 08/25/26 (Call 08/25/26) | 1,527 | 1,495,530 | ||||||
| Series K059, Class A2, 3.12%, 09/25/26 (Call 09/25/26)(a) | 1,780 | 1,776,704 | ||||||
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series K060, Class A2, 3.30%, 10/25/26 (Call 10/25/26) | $ | 1,046 | $ | 1,052,733 | ||||
| Series K061, Class A1, 3.01%, 08/25/26 (Call 12/25/25) | 560 | 555,477 | ||||||
| Series K061, Class A2, 3.35%, 11/25/26 (Call 11/25/26)(a) | 1,300 | 1,310,342 | ||||||
| Series K062, Class A2, 3.41%, 12/25/26 (Call 12/25/26) | 1,000 | 1,011,106 | ||||||
| Series K063, Class A2, 3.43%, 01/25/27 (Call 01/25/27)(a) | 1,345 | 1,360,868 | ||||||
| Series K064, Class A1, 2.89%, 10/25/26 (Call 10/25/26) | 696 | 688,399 | ||||||
| Series K064, Class A2, 3.22%, 03/25/27 (Call 03/25/27) | 325 | 326,242 | ||||||
| Series K065, Class A1, 2.86%, 10/25/26 (Call 10/25/26) | 1,666 | 1,646,052 | ||||||
| Series K065, Class A2, 3.24%, 04/25/27 (Call 04/25/27) | 2,570 | 2,583,489 | ||||||
| Series K067, Class A1, 2.90%, 03/25/27 (Call 03/25/27) | 821 | 811,119 | ||||||
| Series K067, Class A2, 3.19%, 07/25/27 (Call 07/25/27) | 1,600 | 1,606,871 | ||||||
| Series K068, Class A2, 3.24%, 08/25/27 (Call 08/25/27) | 1,000 | 1,006,750 | ||||||
| Series K069, Class A2, 3.19%, 09/25/27 (Call 09/25/27)(a) | 1,000 | 1,004,315 | ||||||
| Series K070, Class A2, 3.30%, 11/25/27 (Call 11/25/27)(a) | 1,541 | 1,555,823 | ||||||
| Series K071, Class A2, 3.29%, 11/25/27 (Call 11/25/27) | 1,500 | 1,513,403 | ||||||
| Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27) | 2,450 | 2,490,054 | ||||||
| Series K073, Class A2, 3.35%, 01/25/28 (Call 01/25/28) | 2,397 | 2,425,966 | ||||||
| Series K074, Class A1, 3.60%, 09/25/27 (Call 09/25/27) | 887 | 894,128 | ||||||
| Series K074, Class A2, 3.60%, 01/25/28 (Call 01/25/28) | 1,000 | 1,024,313 | ||||||
| Series K075, Class A2, 3.65%, 02/25/28 (Call 02/25/28)(a) | 1,000 | 1,027,095 | ||||||
| Series K076, Class A1, 3.73%, 12/25/27 (Call 12/25/27) | 991 | 1,005,018 | ||||||
| Series K076, Class A2, 3.90%, 04/25/28 (Call 04/25/28) | 2,025 | 2,106,324 | ||||||
| Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)(a) | 1,000 | 1,038,121 | ||||||
| Series K078, Class A2, 3.85%, 06/25/28 (Call 06/25/28) | 1,000 | 1,038,508 | ||||||
| Series K079, Class A2, 3.93%, 06/25/28 (Call 06/25/28) | 2,100 | 2,190,043 | ||||||
| Series K080, Class A2, 3.93%, 07/25/28 (Call 07/25/28)(a) | 1,700 | 1,773,724 | ||||||
| Series K081, Class A2, 3.90%, 08/25/28 (Call 08/25/28)(a) | 1,500 | 1,563,573 | ||||||
| Series K082, Class A2, 3.92%, 09/25/28 (Call 09/25/28)(a) | 2,000 | 2,087,395 | ||||||
| Series K083, Class A2, 4.05%, 09/25/28 (Call 09/25/28)(a) | 1,195 | 1,256,381 | ||||||
| Series K084, Class A2, 3.78%, 10/25/28 (Call 10/25/28)(a) | 1,000 | 1,036,667 | ||||||
| Series K085, Class A2, 4.06%, 10/25/28 (Call 10/25/28)(a) | 1,000 | 1,047,691 | ||||||
| Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)(a) | 1,725 | 1,796,576 | ||||||
| Series K087, Class A2, 3.77%, 12/25/28 (Call 12/25/28) | 1,571 | 1,628,830 | ||||||
| Series K088, Class A1, 3.48%, 09/25/28 (Call 09/25/28) | 333 | 336,633 | ||||||
| Series K088, Class A2, 3.69%, 01/25/29 (Call 01/25/29) | 2,010 | 2,075,622 | ||||||
| Series K089, Class A2, 3.56%, 01/25/29 (Call 01/25/29) | 1,400 | 1,435,773 | ||||||
| Series K091, Class A2, 3.51%, 03/25/29 (Call 03/25/29) | 2,017 | 2,062,233 | ||||||
| Series K092, Class A2, 3.30%, 04/25/29 (Call 04/25/29) | 2,010 | 2,031,523 | ||||||
| Series K094, Class A2, 2.90%, 06/25/29 (Call 06/25/29) | 2,420 | 2,389,594 | ||||||
| Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29) | 1,215 | 1,171,381 | ||||||
| Series K100, Class A2, 2.67%, 09/25/29 (Call 09/25/29) | 1,000 | 972,182 | ||||||
| Series K101, Class A2, 2.52%, 10/25/29 (Call 10/25/29) | 250 | 240,597 | ||||||
| Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/29) | 951 | 913,205 | ||||||
| Series K102, Class A2, 2.54%, 10/25/29 (Call 10/25/29) | 2,000 | 1,926,975 | ||||||
| Series K103, Class A2, 2.65%, 11/25/29 (Call 11/25/29) | 1,220 | 1,183,219 | ||||||
| Series K105, Class A2, 1.87%, 01/25/30 (Call 01/25/30) | 3,485 | 3,197,582 | ||||||
| Series K106, Class A2, 2.07%, 01/25/30 (Call 01/25/30) | 2,250 | 2,092,154 | ||||||
| Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30) | 4,153 | 3,712,234 | ||||||
| Series K110, Class A2, 1.48%, 04/25/30 (Call 04/25/30) | 1,640 | 1,459,271 | ||||||
| Series K111, Class A2, 1.35%, 05/25/30 (Call 05/25/30) | 1,500 | 1,318,236 | ||||||
| Series K115, Class A2, 1.38%, 06/25/30 (Call 06/25/30) | 1,000 | 878,592 | ||||||
| Series K116, Class A2, 1.38%, 07/25/30 (Call 07/25/30) | 2,000 | 1,754,590 | ||||||
| Series K117, Class A2, 1.41%, 08/25/30 (Call 08/25/30) | 1,500 | 1,316,707 | ||||||
| Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31) | 4,000 | 3,608,933 | ||||||
| Series K126, Class A2, 2.07%, 01/25/31 (Call 01/25/31) | 3,866 | 3,553,134 | ||||||
| Series K130, Class A2, 1.72%, 06/25/31 (Call 06/25/31) | 2,500 | 2,222,113 | ||||||
| Series K131, Class A2, 1.85%, 07/25/31 (Call 07/25/31) | 3,000 | 2,693,009 | ||||||
| Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/31) | 250 | 257,848 | ||||||
| Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34) | 500 | 508,464 | ||||||
| Series K-1512, Class A2, 2.99%, 05/25/31 (Call 05/25/31) | 730 | 718,774 | ||||||
9
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Series K-1512, Class A3, 3.06%, 04/25/34 (Call 04/25/34) | $ | 1,450 | $ | 1,381,626 | ||||
| Series K-1513, Class A3, 2.80%, 08/25/34 (Call 08/25/34) | 1,015 | 936,079 | ||||||
| Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34) | 1,000 | 928,336 | ||||||
| Series K152, Class A2, 3.08%, 01/25/31 (Call 01/25/31) | 250 | 248,017 | ||||||
| Series K153, Class A3, 3.12%, 10/25/31 (Call 10/25/31)(a) | 500 | 495,276 | ||||||
| Series K154, Class A3, 3.46%, 11/25/32 (Call 11/25/32) | 1,345 | 1,360,428 | ||||||
| Series K157, Class A2, 3.99%, 05/25/33 (Call 05/25/33)(a) | 1,076 | 1,124,252 | ||||||
| Series K159, Class A1, 3.95%, 12/25/29 (Call 12/25/29) | 1,511 | 1,562,095 | ||||||
| Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/30)(a) | 833 | 870,521 | ||||||
| Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)(a) | 2,000 | 2,060,508 | ||||||
| Series K723, Class A2, 2.45%, 08/25/23 (Call 08/25/23) | 427 | 421,172 | ||||||
| Series K724, Class A2, 3.06%, 11/25/23 (Call 11/25/23)(a) | 1,400 | 1,387,380 | ||||||
| Series K725, Class A2, 3.00%, 01/25/24 (Call 01/25/24) | 993 | 981,747 | ||||||
| Series K728, Class A2, 3.06%, 08/25/24 (Call 08/25/24)(a) | 1,963 | 1,947,104 | ||||||
| Series K729, Class A1, 2.95%, 02/25/24 (Call 02/25/24) | 212 | 211,688 | ||||||
| Series K730, Class A2, 3.59%, 01/25/25 (Call 01/25/25)(a) | 2,000 | 2,004,676 | ||||||
| Series K731, Class A2, 3.60%, 02/25/25 (Call 02/25/25)(a) | 995 | 998,066 | ||||||
| Series K733, Class A2, 3.75%, 08/25/25 (Call 08/25/25) | 1,000 | 1,013,337 | ||||||
| Series K734, Class A2, 3.21%, 02/25/26 (Call 02/25/26) | 2,455 | 2,451,717 | ||||||
| Series K735, Class A2, 2.86%, 05/25/26 (Call 05/25/26) | 2,000 | 1,971,794 | ||||||
| Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27) | 2,150 | 1,980,645 | ||||||
| Series KS03, Class A4, 3.16%, 05/25/25 (Call 05/25/25)(a) | 1,000 | 992,527 | ||||||
| 196,755,738 | ||||||||
| Total U.S. Government Agency Obligations — 29.1% | ||||||||
| (Cost: $207,880,909) | 196,755,738 | |||||||
| Total Long-Term Investments — 99.5% | ||||||||
| (Cost: $725,628,153) | 673,521,197 | |||||||
| Security | Shares (000) | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.5% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(b)(c) | 3,200 | $ | 3,200,000 | |||||
| Total Short-Term Securities — 0.5% | ||||||||
| (Cost: $3,200,000) | 3,200,000 | |||||||
| Total Investments in Securities — 100.0% | ||||||||
| (Cost: $728,828,153) | 676,721,197 | |||||||
| Other Assets Less Liabilities — 0.0% | 115,031 | |||||||
| Net Assets — 100.0% | $ | 676,836,228 | ||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Affiliate of the Fund. |
| (c) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/22 | Shares Held at 07/31/22 (000) | Income | Capital Gain Distributions from Underlying Funds | ||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 6,210,000 | $ | — | $ | (3,010,000 | )(a) | $ | — | $ | — | $ | 3,200,000 | 3,200 | $ | 11,077 | $ | — | |||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| ● | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| ● | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| ● | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
10
| Schedule of Investments (unaudited) (continued) | iShares® CMBS ETF |
| July 31, 2022 |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Collaterized Mortgage Obligations | $ | — | $ | 476,765,459 | $ | — | $ | 476,765,459 | ||||||||
| U.S. Government Agency Obligations | — | 196,755,738 | — | 196,755,738 | ||||||||||||
| Money Market Funds | 3,200,000 | — | — | 3,200,000 | ||||||||||||
| $ | 3,200,000 | $ | 673,521,197 | $ | — | $ | 676,721,197 | |||||||||
Portfolio Abbreviations - Fixed Income
| REMIC | Real Estate Mortgage Investment Conduit |
11